On November 19, 2021, the Company’s share price closed at $1.47 per ADS, an 80% decline from the IPO price. Then, on November 19, 2021, Zhangmen announced that its independent auditor had resigned. On July 26, 2021, Zhangmen issued a release stating that these new guidelines were likely "to have material impacts on our existing business operations, financial condition and corporate structure." This effectively ended China’s $120 billion private tutoring industry. Then, on JChina revealed an extensive overhaul of its education sector, prohibiting companies that teach the school curriculum from making profits, raising capital or going public. In June 2021, Zhangmen, an education company focused on providing personalized online courses to K-12 students in China, conducted its IPO, selling 4,166,450 ADSs at a price of $11.50 per ADS.
If you are a shareholder who suffered a loss, click here to participate. Zhangmen investors have until Januto file a lead plaintiff motion.
TRACK MOTION SONY VEGAS 16 REGISTRATION
Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Zhangmen Education Inc.("Zhangmen" or the "Company") (NYSE: ZME) American Depositary Shares ("ADSs or shares") pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company’s June 2021 initial public offering ("IPO").
LOS ANGELES, November 23, 2021-( BUSINESS WIRE)- The Law Offices of Frank R.